As per my last weekly analysis, we know that BTC is overall bullish trading inside the orange trendlines, and currently sitting around the upper bound (blue resistance and orange trendline)
And as mentioned, for another bullish impulse to start, we need a break above the 50k blue zone. Meanwhile, the bears can still kick in for a correction. (Nothing goes straight up right?)
Now since the correction started, after breaking the last low from H1/H4, we will be looking for support areas that might signal the end of the correction.
For now, the gray area is the first check-point. As it was acting as resistance previously. Unless broken downward, then our next rejection / support would be the lower orange trendline and 40k zone.
Of course and as usual, as per my trading plan, I don't buy blindly around support, we always zoom in to lower timeframes and look for potential bullish reversal setups.
Always follow your trading plan regarding entry, risk management, and trade management.
Which support zone do you think will hold? the gray one or the red one?
All Strategies Are Good; If Managed Properly!
~Rich
